econlife on ‘Thinking Economically’

Much more than money, economics is about tradeoffs. Thinking economically involves cost and benefit, marginal analysis and seeing that there is no free lunch. Econlife tries to convey the perspective that is the foundation of economics that helps people make decisions personally, professionally and as voters.

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    From Mill to Obama

    Apr 29, 10 • 115 Views • Economic Thinkers, Government, Thinking EconomicallyNo Comments

    Yesterday, President Obama briefly said that some salaries on Wall Street were more than anyone should earn.  Approximately 160 years ago, John Stuart Mill responded by saying that he wanted to encourage work. Consequently, instead of limiting salaries...

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    Another Unregulated Market

    Apr 22, 10 • 103 Views • Environment, Regulation, Thinking Economically1 Comment

    Carbon offset markets are about thinking at the margin. Hoping to become the first carbon neutral state in the world, the Vatican bought carbon offsets. The U.S. House of Representatives funded an $89,000 purchase of carbon offsets. Before boarding, you...

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    Economic Geography or Location, Location

    Apr 16, 10 • 100 Views • Demand, Supply, and Markets, Developing Economies, Thinking EconomicallyNo Comments

    Why, you may wonder, is an economist presenting a major address today at the Association of American Geographers? Looking back and looking forward, Paul Krugman’s speech provides the answer. Economic geography involves mathematical modeling and also...

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    More on the Movies

    Apr 13, 10 • 126 Views • Businesses, Entertainment, Thinking EconomicallyNo Comments

    Following up on yesterday’s post, I discovered how important product placement can be. Sometimes movie makers decide the products beforehand, before they even complete the script and select the stars. Fees for a “starring” product can total...

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    Yacht Lessons

    Apr 11, 10 • 110 Views • Government, Thinking EconomicallyNo Comments

    When we think about taxes, we should look at yachts. In 1990, because of a new luxury tax, anyone who purchased a yacht paid 10% more. The result? People stopped buying domestically made yachts. Yacht makers went out of business and the government never...